Yanbu National Petrochemicals Co. (Yansab) said Tuesday its net profits surged 132 percent compared to the same period last year, boosted by higher output, sales and prices for its products. Yansab said in a statement that net income climbed to SR827.94 million ($220.6 million) compared to SR356.2 million in the same three-month period last year. The company is 51-percent owned by petrochemical giant Saudi Basic Industries Corp. Yansab, which started commercial operations in March 2010, doubled its operational profit for the third quarter to SR952.8 million compared with SR468.7 million, during the same period in the previous year. The gains in net income were a result of an "increase in production and sales quantities combined with improvement in sales prices of most of the products," Yansab said. The SABIC subsidiary said nine-month earnings per share climbed to SR4.461 from SR1.988 per share in the corresponding period in 2010. Strong oil prices over the past year have helped Saudi petrochemical manufacturers post strong profits.
